|A new standardised procedure for buying and selling flats will make property transactions much easier said the Law Society.
The Leasehold Property Enquiries Form, or LPE1, which is launched today, is a standardised questionnaire for the industry, and was developed by the Law Society and other major trade bodies*.
It will capture in a single format for the first time, information about a property that is held by landlords, management companies and managing agents – for example, information about ground rent and service charges.
Using the LPE1 form will make it easier for solicitors to advise clients because they will receive information in a standardised and consistent format.
It will not be mandatory to use the form but solicitors will get quicker answers by using it, especially if dealing with one of the larger managing agents who have IT systems designed to provide answers based on the LPE1 format.
Law Society Deputy Vice President Jonathan Smithers said:
“It will not only bring clarity to the part of the procedure that deals with obtaining necessary leasehold information but may also clarify some issues relating to time and cost. It will also mean that everyone becomes familiar with one form, inevitably making the process more cohesive.”
“The Law Society will make every effort to secure the support of key stakeholders, including the Government, to make this scheme a success.”
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Complicated leasehold process made easier with new standardised format says Law Society
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